TAP WILL RUN
According to PE, the European Bank for Reconstruction and Development is looking to support financially the development of the Trans Adriatic Pipeline, which plans to bring gas across the Balkans and on to Italy.
President Suma Chakrabarti told Albanian Prime Minister Edi Rama during a visit Tuesday that the pipeline project was of great interest as it would help the region's energy security and was deemed environmentally sustainable.
"In the energy sector, the EBRD is well aware of the need to secure energy for Europe which is affordable and acceptable from the point of view of climate change. In this context we are positive about the Trans Adriatic Pipeline, a project that develops the three characteristics of energy security, energy access and environmental sustainability," he told The Associated Press by email.
The so-called TAP, which formally started construction in May, will run for 878 kilometers (550 miles) from Greece's border with Turkey, through Albania and to southern Italy, including a 105-kilometer (65-mile) stretch under the Adriatic Sea. First deliveries to Europe are expected in 2020.
The EBRD confirmed it has started negotiations for 500 million euros ($549 million) in direct financing and plans to attract up to 1 billion euros ($1.1 billion) from a syndicate of commercial banks.
Riccardo Puliti, the bank's energy and natural resources head, said negotiations started in April and may take 12 to 15 months.
"The bank is analyzing the technical, economic, financial, social, environmental terms and more to see if they are consistent with its policies," Puliti said by phone from his London office. "We expect that process is over in April next year."
TAP is a joint project by Britain's BP, Azerbaijan's SOCAR, Italy's Snam, Belgium's Fluxys, Spain's Enagas and Switzerland's Axpo. It is the most western of three sections of the Southern Gas Corridor — a 3,500-kilometer chain of pipelines intended to deliver natural gas from Azerbaijan to Europe.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.